Litecoin Price Outlook Amid Bearish On-Chain Metrics

Litecoin price has been nether aggravated unit implicit the past weeks, hovering astir its lowest level this twelvemonth connected the backmost of mediocre on-chain metrics and a dull market. The LTC terms has dipped by 5.55% successful the past week and 33% successful the past 3 months. Additionally, the plus has crashed by 12% successful the twelvemonth to day but remains 22% higher successful the past year. Litecoin has a full marketplace capitalization of $4.5 billion, ranking it 15^th aft Polkadot.

What’s Happening with LTC?

Litecoin terms has been connected a beardown bearish trajectory since its palmy 3rd halving lawsuit completed successful aboriginal August. The integer plus has fallen disconnected crypto investors’ radar since past chiefly owed to the terms dip it experienced aft dense profit-taking from investors who had invested successful Litecoin starring up to the terms surge triggered by marketplace expectations astir the halving event.

On-chain information shows that the regular transaction numbers for Litecoin person been connected a accordant diminution since the halving lawsuit successful August. According to BitInfoCharts, the fig of regular LTC transactions has decreased from implicit 584,000 successful May to 104,000 transactions successful October. This suggests the deficiency of involvement from investors, prompting a diminution successful hazard appetite.

Litecoin, the metallic to Bitcoin’s gold, has ever had a precocious correlation with Bitcoin, making it susceptible to volatility successful the pb cryptocurrency. Beyond its correlation with Bitcoin and broader marketplace cues, the altcoin is susceptible to a terms diminution owing to the inactivity of its whale addresses. Despite the whale addresses controlling astir 11% of the full circulating supply, their buying and selling enactment triggers the market.

Even so, information from Coinmarketcap shows an betterment successful the asset’s regular transaction volumes. At the clip of writing, the full measurement of LTC traded successful the past 24 hours climbed by astir 14%, pointing to the anticipation of a terms reversal.

Litecoin Price Technical Analysis

The regular illustration shows that the Litecoin terms has been range-bound for the past fewer days, trading betwixt the choky scope of $61 and $65. The altcoin has dropped by much than 45% from its highest level since this twelvemonth of $114 seen successful July. Litecoin has failed to retrieve supra the important level of $72.65 since the halving event.

LTC remains beneath the 50-day and 200-day exponential moving averages, arsenic good arsenic the 50-day and 100-day elemental moving averages. Its Relative Strength Index has dropped beneath the awesome line, suggesting an summation successful selling pressure. The Moving Average Convergence Divergence (MACD) indicator is signaling a ‘strong sell’.

As such, the Litecoin terms is apt to proceed falling successful the ensuing sessions arsenic bears oculus the contiguous and important enactment level astatine $60. A driblet beneath this level could propulsion the terms little to this year’s debased of $56. On the different hand, a breach supra the 50-day EMA astatine $65.90 could initiate a terms reversal, starring to consequent gains to $72.65 and $84.